Let's see, more missed deadlines? I will definately need a "kit".

By Bob Woods, Newsbytes

A Securities and Exchange Commission (SEC) official confirmed to Newsbytes that the agency is considering fining several financial services companies that have missed a recent Y2K status disclosure filing deadline.

Banks and financial institutions are said to be among the leaders in Year 2000 compliance, out of all professional industry sectors. Some companies in the securities industry, though, are not meeting SEC-mandated filing deadlines that update their Y2K compliance.

In fact, a number of broker-dealers and transfer agents have missed the May 30, 1999 filing deadline, SEC spokesperson Katherine Addleman said this afternoon. The commission is now deciding if any further actions will be taken against the unnamed companies, Addleman also said.

Earlier this year, the SEC fined a number of transfer agents and broker-dealers for skipping an Aug. 30, 1998 report deadline. Several companies agreed to a cease and desist order that says they will release their figures, and received official censures and civil fines reaching the tens of thousands of dollars. A few companies received much of the same treatment, although the SEC waived the fine because of their inability to pay.

Four transfer agents had not agreed to settle as of last January. But today, Addleman said all four had proffered settlements that still have to be examined and possibly okayed by the commission.

Transfer agents are companies or individuals hired by publicly traded companies to issue stock certificates and maintain shareholder records. They also are the official record keepers for warrant exercise dates, and lists of shareholders on particular dates, in the case of stock splits or other activities that require accurate lists of who was a shareholder on a particular day.

Year 2000-compliance for transfer agents is important, she said, because "transfer agents are called upon by the issuers to provide accurate shareholder lists; once the year 2000 rolls around, that list may not be accurate."

Broker-dealers include Fidelity, E*Trade and Paine Webber.

In a statement earlier this year, SEC Commissioner Laura S. Unger said, "These cases amplify our message that we will not tolerate anything less than full disclosure from the securities industry as to its Year 2000 readiness."

Several federal government agencies, meantime, have joined to put together a communications kit that will reportedly help securities firms, stock exchanges, regulators and even the media to provide the public with details of the financial services industry's battle against the Y2K Problem.

The President's Council on Year 2000 Conversion, the Securities and Exchange Commission (SEC), the National Association of Securities Dealers (NASD) and the Securities Industry Association (SIA) have published the "Year 2000 Investors Kit."

In the kit, investors are advised:

* to keep good records;

* to stay informed about what financial service providers are doing to become Y2K ready;

* to obtain any Y2K literature provided by broker-dealers, mutual funds, investment advisers or public companies in which they hold stock;

* to invest for the long term and avoid changing trading habits;

* not to worry about obtaining stock certificates;

* to check the Y2K readiness of personal computers.

The kit also gives financial services companies a roadmap to enhance their Y2K communication efforts so that they can deliver key information directly to their clients, officials also said. A concise review of the financial services industry's efforts to prevent Y2K computer problems and a list of frequently asked questions for investors are also included.

The "Year 2000 Investor Kit" can be obtained at the National Association of Securities Dealers' (NASD) Website, at http://www.nasd.com . The kits will also soon be provided to securities firms for distribution to their clients.

Investors, meantime, can check on the Y2K preparedness of broker- dealers, mutual funds, and investment advisors on the SEC Web site, located at http://www.sec.gov .

The President's Council on Year 2000 Conversion web site is: http://www.y2k.gov/

-- y2k dave (xsdaa111@hotmail.com), June 14, 1999

Answers

ROFLMAO

"Broker-dealers include Fidelity, E*Trade and Paine Webber."

WHEN PAINE WEBBER SPEAKS ) 1999 By David O'Daniel Eddy

A copy of PaineWebber's February 7, 1999, 12-page Investment Policy analysis paper, "The Millennium Myth - On Track for "Y2K O.K." has found it's way to my hands.

What can I say? This a major piece of self-delusion. http://www.y2ktimebomb.com/Techcorner/DE/de9923.htm

-- Cheryl (Transplant@Oregon.com), June 14, 1999.

B-but Flint said ..........a-a-and Decker said.......Poo-poo-Poole said........C-C-C-Could they be wrong?????

-- Will continue (farming@home.com), June 14, 1999.

Will Continue

Of course they are not wrong... just ask them.

-- Mike Lang (webflier@erols.com), June 14, 1999.

The article says several financial services companies didn't get their paperwork done in time. Fines may be levied against them.

Now, I suppose you can assume that if their paperwork is late, their remediation must be in bad shape. Hell, you can assume anything you want. And you can go from there to assume that 'several' is basically the same as 'all', why not? From there, you can assume that since ALL financial service firms are toast, the economy will self destruct. Isn't this fun?

And hey, we didn't even need to know about the late paperwork to start our assumption chain, we're creative, we think outside the box, we can make this stuff up without any outside information at all!

Meanwhile, these companies complete their paperwork, pay any fines as required, and life goes on. Which of course is irrelevant.

-- Flint (flintc@mindspring.com), June 14, 1999.

It's easy to keep good records of...cash!

-- Mad Monk (madmonk@hawaiian.net), June 15, 1999.